Build Short Postions in Bn in the range of 22150-22300. In the current upmove i expect BN to top out at around 22300. One can go short at these levels with an sl at 22500 for target 21000 ( positional). This is a long term trade, expecting it to retrace to 21000 levels in the next 20 trading sessions.
Short Bn at between 20950-20850 with a sl at 21053 for target 20496 and lower. Time frame for this trade is really short. Within the next 2 trading days i am expecting this trade to hit either target or SL. Trade will activate tomorrow at market open.
Before some wise guy calls this an against trend trade or says that it is wrong analysis please remember that...
Comparing the near term charts over the past 3 years we can see that both Nifty and Bank Nifty have a habit of making new highs / life time highs just when the American Markets have seen new ATH's and are starting to taper off.
With the Dow and S&P having a had a phenomenal run over the past few days whilst our indexes have experienced what we can best call...
In view that the dollar has reached a phase where some consolidation / correction is imminent.
We can look at either going long in the dollar to hedge our Nifty / Bank Nifty longs.
Or we can also pick dollar puts for next week as a stand alone trade in just the dollar.